You'll need: (everything is 1/4-20 unless noted)
1 - piece of threaded rod
2 - 1 1/2 inch screws for the counterweights
40 - 1/4x1 fender washers for the counterweights
3 - wing nuts
4 - hex nuts
1 - 1 1/2 1/4-28 fine thread bolt to hold the handle on
1 - http://www.amazon.com/gp/product/B002HAR266 for a universal ($3.08)
1 - piece of something for a handle
1 - piece of something a foot long for the counterweight bar at the bottom
Some valve grinding compound from the auto parts store or Amazon
The only trick is to loosen up the universal a little -- they're too stiff out of the box. Smear a little valve grinding compound on the ball, then roll, wiggle, and twist the ball to loosen it up. Put the threaded rod through the hole to do the wiggling.
Wash off the valve grinding compound, and assemble everything. I like the handle to be slightly above the balance point on the rod, so the weights hold the camera up, but YMMV.